xjo - weekend charting and chat, page-4

SP500 +0.05%, Dow 30 +0.19%, Nasdaq100 -0.47%, Russell2000 -0.1%, Transports +0.43%.

The Jobs Report was mixed. The number of jobs created was much better than expected; but the unemployment rate raise where economists expected it to fall. It seems the market focussed on the better than expected creation number, and the market rose early in the session. Then they looked at the unemployment rate, and the market gave back all those gains, plus a bit more. Then they said, we haven’t got a clue, and went sideways. The SP500 finished with a “doji” candlestick. Volume was up a little, but the past three days have been at the low end of the range. I thought the Jobs Report might change that - but no appreciable change occurred. The market is still waiting on a catalyst.

The RSI nudged higher into overbought territory, but over indicators nudged lower. But there’s still no sign of the SPX reversing. The tight up channel marked on the chart needs to break to the downside before any reversal can gain traction. Then it’s likely to find support in the congestion zone marked on the chart.

BHP on the NYSE -2.04%. EWA =0.12%. Ozzie Dollar –0.18%.

Copper ETF -3.54%, Steel ETF +2.33%, Coal ETF -1.88%, Light Crude Oil ETF +0.57%. US$ Gold -0.83%.

Here’s the Gold chart:

For the past two weeks, the GLD chart has been looking precarious. IMO, the odds are still tilted to the downside, but until the pivot of 28 February is broken to the downside, we’ll have to give the benefit of the doubt to the bulls. Last night, GLD broke the steep up trend line from early February, but the yellow candle shows buying pressure. So the bulls haven’t capitulated.

Redbacka